Security Bank nets P6.6B

Security Bank Corp. grew its nine-month net profit by 9 percent year-on-year to P6.6 billion, driven mostly by higher earnings from core businesses.

For the third quarter alone, net profit rose by 26 percent year-on-year to P1.8 billion.

In a disclosure to the Philippine Stock Exchange on Wednesday, Security Bank said its nine-month earnings were mostly driven by a 28 percent growth in net interest income equivalent to a P2.5-billion increase. This more than made up for a P1.3 billion year-on-year decrease in securities trading gains to P1.6 billion in the first nine months of the year.

The third quarter performance was likewise attributed to a 27-percent increase in net interest income to P4.1 billion.